Indian real estate market could reach a value of $60 billion by 2010, and become an “enormous” economic power, a Middle East developer has said. Abdullah bin Abdulaziz Al Majed, vice chairman of Tanmiyat Group, was speaking ahead of the firm’s participation at property show Cityscape India 2008. Tanmiyat is among a group of international firms expected to make a move in the Indian market when it recovers from a current slump. Al Majed pointed to statistics showing the market will grow from $16 billion to a possible $60 billion in two years, with 21 million new units needed. Al Majed said: “Cityscape India 2008 will shed light on the development of residential units for the poor, who form 70% of the population, along with its main concern of the development of units for medium-income people.
“This draws a clear picture of the future of real estate investments and available opportunities.” He said his company’s presence at the show meant it could “take a detailed look” at everything related to the Indian market. Cityscape India 2008, to be held at the Bombay Exhibition Center from December 8 to 10, is expected to attract more than three lacs property professionals and international investors.